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HSBC challenges Revolut with launch of Zing

Posted:Jan 04, 2024 17:09 Category: Fintech , Forex , Payments , Posted by Lea Hogg

HSBC Holdings Plc is set to disrupt the stronghold of fintech giants like Revolut and Wise Plc by introducing Zing, a revolutionary international payments app.

Targeting the rapidly growing market of affluent consumers, Zing will make its debut in the UK, with plans for an imminent expansion into other regions.

Nuno Matos, CEO of HSBC’s global wealth and personal banking business, envisions Zing as a formidable player in the worldwide retail payments sector. The app will be accessible to non-HSBC customers, signifying a bold move to challenge the dominance of existing players in the industry.

HSBC goes a step beyond tradition

Zing aims to capture global market share and lure internationally mobile customers.

As the fintech sector evolves, HSBC is aiming to redefine its role by venturing beyond its traditional customer base. Zing, designed for ease of use, is expected to be available on Apple Inc.’s Appstore and Alphabet Inc.’s Google Play within days, allowing users to complete the signup process in just three minutes.

Matos pointed out Zing’s global ambition, outlining plans for expansion into Asia, the Middle East, and EU markets. This strategic move aligns with HSBC’s broader international payments strategy and seeks to position the bank as the leading financial institution for internationally mobile customers.

HSBC is promoting Zing by inviting potential users to discover its freedom, even without having an HSBC account.

The bank highlights Zing as the fintech within the HSBC Group, with a global customer base surpassing 40 million, offering unparalleled versatility. Prospective users are encouraged to enjoy the benefits and flexibility offered by Zing without the requirement of being an HSBC customer. The message is clear: “No HSBC account? No problem.”

With this bold dive into non-traditional territory, HSBC aims to attract a substantial user base and solidify its presence in the competitive world of international payments.

 

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